Note 15 - Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

(1

5

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Accumulated Other Comprehensive Loss

The following tables provide the changes in AOCI by component, net of tax, for the years ended December 31, 2015 and 2014:

	Foreign Currency Translation Adjustments			Interest Rate Swap			Pension Plans			Total
Balance as of December 31, 2014	$	(11,410	)	$	(193	)	$	(33,378	)	$	(44,981	)
Other comprehensive (loss)/income before reclassifications		(16,424	)		(23	)		2,893			(13,554	)
Amounts reclassified from accumulated other comprehensive loss		1,954			216			916			3,086
Net current-period other comprehensive (loss)/income		(14,470	)		193			3,809			(10,468	)
Balance as of December 31, 2015	$	(25,880	)	$	-		$	(29,569	)	$	(55,449	)

	Foreign Currency Translation Adjustments			Interest Rate Swap			Pension Plans			Total
Balance as of December 31, 2013	$	9,990		$	(396	)	$	(28,556	)	$	(18,962	)
Other comprehensive loss before reclassifications		(25,800	)		(99	)		(12,566	)		(38,465	)
Amounts reclassified from accumulated other comprehensive loss		4,400			302			7,744			12,446
Net current-period other comprehensive (loss)/income		(21,400	)		203			(4,822	)		(26,019	)
Balance as of December 31, 2014	$	(11,410	)	$	(193	)	$	(33,378	)	$	(44,981	)

The following tables provide the reclassifications out of AOCI by component for the years ended December 31, 2015 and 2014:

Details about AOCI Components	Amount Reclassified from AOCI for the year ended December 31, 2015			Amount Reclassified from AOCI for the year ended December 31, 2014
Losses on cash flow hedge:
Interest rate swap	$	(333	)	$	(465	)
Tax benefit		117			163
Net of tax	$	(216	)	$	(302	)
Amortization of defined benefit pension items:
Actuarial losses	$	(1,295	)	$	(802	)
Prior service costs		(52	)		(50	)
Loss on voluntary settlement		-			(7,170	)
Total before tax		(1,347	)		(8,022	)
Tax benefit		431			278
Net of tax	$	(916	)	$	(7,744	)
Foreign currency translation adjustment:
Release of currency translation adjustment	$	(1,954	)	$	(4,400	)
Net of tax	$	(1,954	)	$	(4,400	)
Total reclassification for the period	$	(3,086	)	$	(12,446	)

The interest rate swap is reflected in the Company’s income statement as interest expense. The Company recognizes net periodic pension cost, which includes amortization of actuarial losses and gains, and prior service costs in both selling, general and administrative expenses and cost of goods sold in its income statement depending on the functional area of the underlying employees included in the plan. The release of currency translation adjustments generated from Zenara’s balance sheet are reflected in the Company’s income statement as restructuring expenses in 2015 and equity in losses of partially-owned affiliates in 2014. The loss on voluntary pension settlement is reflected in the Company’s income statement as loss on voluntary pension settlement.